Many online sellers of goods in Australia are not entirely clear on their tax obligations for their hobby come business. Luckily, with a few simple principles, you can keep an eye on your obligations and ensure that you can keep your business running successfully. Do you owe income tax? The Australian Tax Office (ATO) assesses an income generating hobby as one that has regular and repeatable business. So you can easily sell of some of the excess items in your shed and make a one-time windfall, but if you make a regular income from an online shop then you could be assessed on that income.
22 January 2016
No matter how good your idea for a new business, if you can't secure the development finance to get it off the ground, your new commercial venture simply won't fly. This is a common problem for many would-be entrepreneurs, especially in the current economic climate where banks are ultra-picky when it comes to lending money. So, what can you do? Well, you might want to consider internet-based 'crowdfunding' as a potential solution to your problem.
13 January 2016